Managerial Accounting: Tools for Business Decision Making
7th Edition
ISBN: 9781118334331
Author: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Publisher: WILEY
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Textbook Question
Chapter 3, Problem 21Q
Soria Co. started and completed 2,000 units for the period. Its beginning inventory is 800 units 25% complete and its ending inventory is 400 units 20% complete. Soria uses the FIFO method to compute equivalent units. How many units were transferred out this period?
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Students have asked these similar questions
Micro Inc. processes a single type of microchip in large quantities. For the current period the following information is given:
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Units
Material Cost
Conversion Cost
Beginning Inventory
9,000
$18,360
$94,800
Started during the current period
72,000
$273,000
$409,200
Ending Inventory
12,000
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All materials are added at the beginning of the production process. The beginning inventory was 40% complete as to conversion, while the ending inventory was 75% completed for conversion purposes.
a. Calculate Micro’s physical flow of units, equivalent units, cost per equivalent unit and assign costs toFinished Goods and Ending Work-in-Process Inventories using the FIFO method of processing
How many units must have been completed and transferred if beginning inventory was 75,000 units, ending inventory was 72,000 units, and
290,000 units were started?
PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Costs per unit are rounded to two decimal places and shown with "$" and commas
as needed (i.e. $1,234.56). All other dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345).
Beginning inventory
Units started
Total units to account for
4
Units completed and transferred out
293,000
Ending inventory
Cullumber Co. started 2, 520 units during the period. Its beginning inventory is 420 units one - fourth complete as to conversion costs and 100% complete as to materials costs. Its ending inventory is 252 units one - fifth complete as to conversion costs and 100% complete as to materials costs. How many units were completed and transferred out this period? Units completed and transferred out enter the number of units completed and transferred out units.
Chapter 3 Solutions
Managerial Accounting: Tools for Business Decision Making
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